Document from CIS Legislation database © 2003-2019 SojuzPravoInform LLC

LAW OF THE AZERBAIJAN REPUBLIC

of October 24, 2000 No. 937-IG

About debts of the privatized state companies, the business entities liquidated as a result of agrarian reforms, and also located in the areas which are under occupation

(The last edition from 11-03-2005)

This Law regulates rules of debt write-off of the state companies liquidated as a result of agrarian reforms of kolkhozes and sovkhozes, and also business entities of the areas which are under occupation according to the government budget, off-budget state funds, banks which stocks the state, and the state companies owns.

Article 1. Scope of the Law

1.0. The rules established by this Law extend on:

1.0.1. the companies on which the decision on privatization within the State program of privatization of state-owned property in the Azerbaijan Republic in 1995-1998 privatized is made and which privatization did not come to the end;

1.0.2. the state privatized companies on which the decision on privatization according to "the II State program of privatization of state-owned property in the Azerbaijan Republic" is made;

1.0.3. the kolkhozes and sovkhozes liquidated according to the legislation of the Azerbaijan Republic;

1.0.4. business entities of the areas which are under occupation.

Article 2. Debt write-off

2.1. Debts of the companies specified in Article 1.0.1. this Law, according to the government budget (except for credit debts, issued based on guarantee of relevant organ of the executive authority), in off-budget state funds, to banks which controlling stock is owned by the state, the state companies for use of products, works and services, the prices (rates) for which are regulated by the state, for date of privatization of data of the companies (including the main amount of debt, percent and financial sanctions) are written off.

2.2. At the end till November 1, 2003 privatizations of the companies specified in Article 1.0.2. this Law, their debt for date of completion of their privatization, and debt of other companies for November 1, 2003 for the government budget (except for credit debts, issued on the basis of guarantee of relevant organ of the executive authority), to off-budget state funds, the state companies for use of products, works and services, the prices (rates) for which are regulated by the state (including the main amount of debt, percent and financial sanctions), and also debts for this date of data of the companies for overdue loans to banks which controlling stock is owned by the state (the main amount of debt and percent) are written off.

2.3. Debts of the kolkhozes and sovkhozes liquidated according to the legislation of the Azerbaijan Republic to banks which controlling stock is owned by the state (the main amount of debt and percent) are written off.

2.4. Debts of business entities of the areas which are under occupation to banks which controlling stock is owned by the state for date of occupation (the main amount of debt and percent) are written off.

2.5. Debt write-off, the stipulated in Article 2 presents of the Law, and rule of their regulation taking into account arising with respect thereto questions, protection of legitimate interests of the companies and banks which debit debts are reduced, owners of their shares which are not belonging to the state are established by relevant organ of the executive authority.

Percent for the debts which arose for the dates specified in article 2 of this Law are written off on the date of execution of the decision on their write-off.

Article 3. Regulation of debt repayment of the companies transferred to the control

In cases of transfer of the state companies to long-term management for debt repayment specified in article 2 of this Law delay is granted. The term of this delay (within provision term in management) is established by relevant organ of the executive authority.

 

President

Azerbaijan Republic Heydar ALIYEV

 

 

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

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